SICO provides insurance coverage for wide range of commodities/goods shipped from all around the world by sea/air and land. The customer can choice according to his size of business the following type of policies:
Type of Policies
a) Marine Cargo Open Policy: The insurance period under this policy is normally for 12 months where terms and conditions are fixed during its period.
The advantage of this policy that it provides automatic insurance cover for all goods fallen within its scope of cover but subject to Declaration of shipments to insurers either on case by case, monthly or quarterly basis. This type of policies normally offered to customers/traders who have big size of business.
b) Marine Cargo Voyage Policy: This type of policy suites customers who need marine cargo insurance for few times per year only and the assured should advise the insurers of any consignment prior to shipment and also policy terms and conditions and premium rate to be agreed by insurers prior to shipment.
Type of Insurance Coverage
a) By Sea freight
Institute Cargo Clause ‘A’ which covers all risks excluding some specified exclusions.
Institute Cargo Clause ‘B’ , Covers the same as the perils mentioned in clause ‘C’ but with an extra coverage of perils such as Volcanic, earthquake, Leakage of sea water to the shipped goods & total loss of any entire package during loading and discharge from the carrying vessel.
Institute Cargo Clauses “C”, This type of insurance covers the major marine risks attribute to: fire, explosion, collision, grounding, general average etc. Total loss cover.
Marine cargo war and strikes insurance cover as per Institute War and Strikes Clauses “Cargo” 1.1.82.
b) By Airfreight
All risks insurance cover as per Institute Cargo Clauses “Air” dated 1.1.82 applicable to almost all type of commodities.
Total loss cover.
Air Cargo war and strikes insurance cover as per Institute War and Strikes Clauses “Air”.
c) By Land Transportation
All risks land insurance cover as per All Risks Land Transit Clause which applicable to almost all type of commodities.
Land Transit Clause, this type of insurance covers the major land transportation risks attributable to: fire, explosion, overturning, collision, breakdown of bridges etc.
Inland cargo war and strikes insurance cover as per Arab War Risk Insurance Syndicate war and strikes and civil commotion inland transport.